The shares of Adani Enterprises Limited have been in the buzz for quite some time now as the stock has been making and breaking multiple record highs. On Monday, despite the volatile markets, Adani Enterprises shares gained 1.4% till 11.40 am and were trading at Rs 3,171 levels.
The stock has been rallying as the Adani group is likely to launch an open offer worth Rs 31,000 crore to the public on Friday august 26th. This will be done as the group is set to acquire a 26 per cent stake each in Swiss firm Holcim’s- Ambuja Cements and ACC to mark its entry into the Cement sector.
The company received the nod for the open offer from the Securities and Exchange Board of India (SEBI) this week.
In two separate regulatory filings, Ambuja Cements and ACC have submitted their letter of offer for the open offer launched by the Adani family group’s Mauritius-based firm Endeavour Trade and Investment.
ICICI Securities and Deutsche Equities India are the managers for the open offer issue.
In May this year, the Adani Group announced that it has clinched a deal to acquire a controlling stake in Holcim Ltd’s businesses. For this, it had made an open offer at Rs 385 per share for Ambuja Cements and Rs 2,300 per share for ACC.
In the past five days, the stock has gained more than 9 per cent and in a month the share price has surged more than 26 per cent. So far this year, the stock has given a return of more than 84 per cent.
In a year’s time frame the shares of Adani enterprises limited have given multibagger returns of more than 126% to its investors as the price has risen from Rs 1396 in August last year up to the current levels of Rs 3,171.
Written by Anoushka Roy
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